However, it appears an Australian-owned company which bought the remainder of the development last month will complete it.
Fifteen of the proposed 42 Santa Sabina units, on the site of a former Catholic Dominican convent, have been built and sold, and are not part of the liquidation.
The remaining land, convent and proposal to build the balance of 27 units was sold last month to an Australian-owned New Zealand company, but leaving money owed to creditors by original developer Bill Lowe.
There were 70 opposing resource consent submissions and a later unsuccessful Environment Court challenge against the original $12 million 54-unit proposal.
Mr Lowe gained consent and began building the 42apartment complex in March 2007.
He had since sold all 15 four-bedroom units of stage one, some reportedly for $500,000.
The on-sold development includes the resource consent to construct stage two, consisting of land, 25 units and a further two units within the Santa Sabina convent building.
Contacted yesterday, Mr Lowe confirmed the sale of the project to the new company, saying he was neither a director nor shareholder of it and the unidentified company could use the resource consent.
"My understanding is the new company want to continue with the project," he said, declining to comment further.
Iain Nellies, of Insolvency Management Ltd, said the project's sale subsequently left a shortfall in funds available for payment to a finance company, builders and other creditors, prompting Mr Lowe to place the company in liquidation.
The company in liquidation is Gardens View Ltd, of which Mr Lowe is the sole director, and is 100%-owned by registered company Diamond Lifestyles Ltd, of which Bill and Belinda Lowe each have a 50% share.
Mr Nellies was still in the initial stages of collating information on the company to predict how much was owed, and had not been in touch with last month's buyers.
He said there was a dispute between Mr Lowe and the construction company on "cost over-runs", which would come under the control of the liquidators.
The 1929 Santa Sabina building housed Dominican nuns, who have had a presence on the site since 1895.
In February, a Santa Sabina studio room accommodation was being offered on a website, from $235 to $275 per week.
The advertisement for the underfloor-heated studios, with en suites, included a list of amenities for 2009 which included a cinema, gymnasium, weights room, steam room, spa, games room and reading rooms.
